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In what could be a major embarrassment for the Bavarian Motor Works (BMW) company ,the Hyderabad police on Saturday arrested Stefan David Schlipf, MD and CEO of BMW Financial Services , India in a cheating case filed by a BMW dealer Delta Cars against the German company in India.
The official was arrested on Thursday at Gurgaon and brought to the city and was remanded to judicial custody on Friday. In a complaint which was filed by Viren Chowdary of Delta Cars against BMW in 2010 for allegedly causing loss of Rs 4 crore, the German Car company had got a stay on the proceedings,but the case came up for hearing again and the BMW MD was arrested. The company is expected to file a bail petition on Saturday and if all goes well the Top executive of BMW should be out on bail or else he would be in custody till Monday.
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